Housing Starts Modestly Exceed Consensus, But Building Permits Miss

Housing starts in July came in at 965,000, slightly exceeding the 960,000 consensus but falling from June's (artificially inflated*) reading of 1,066,000. Building permits, which indicate future levels of activity, came in below expectations, however. Building permits in July fell to 937,000, down from 1,091,000 last month and missing the 959,000 mean estimate.

*The July numbers were boosted by a change of building laws in New York, which prompted many builders to break ground before they took effect.